Markets plunge on rising Covid cases
After European markets slid 3-4% overnight, North American ones sold off heavily on Wednesday due to rising Covid cases in Europe and talks of lockdown measures. America is also seeing an increase in cases while Canadian numbers are concerning. Unsurprisingly, the main American indices plummeted around 3.5%, with selling across the board in all sectors. The TSX fell, too, though not as much at -2.71%.
The Toronto index was weighed down by rising stockpiles of U.S. crude, which pressured the price of WTI and WCS down by nearly 6%. Against this sell-off was the anxious backdrop of the U.S. vote less than a week away and no stimulus package until after that vote.
Even tech heavyweights were caught in the crossfire. Microsoft slid nearly 5%, despite reporting a decent quarter, including an EPS beat, after the bell Tuesday. Apple, which reports on Thursday, shed 4.63%. Halliburton slid 8.71%. A surprising oasis was GE, which popped 4.51% after reporting a surprise Q3 earnings beat. On this side of the border, the Bank of Canada announced it would hold interest rates steady into 2023. Unrelated to that news, Pollard Banknote jumped 5.38% after winning a new lottery contract. Otherwise, there was widespread selling, with Shopify down nearly 4% and Agnico Eagle shedding 4.66%.